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Welcome to the Gen X Wealth Academy, a podcast built for Gen X-ers reaching that age where it's time to seriously plan for their financial futures. Join for bi-weekly episodes that explore the worlds of financial and retirement planning with Phil Telpner of Breakout Private Wealth, based in Chicago, Illinois. Phil will lead you through helpful conversations about money, life and retirement and cover topics like 401(k)s, IRAs, income planning, investing, and so much more. So much information ...
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In this episode, we tackle the common complaints and fears about financial situations during that members of Gen X experience during life. We'll discuss which concerns are well-founded, which are based on misconceptions, and offer insight on how they can best navigate their financial future. Join the exclusive Gen X Wealth Academy: https://bit.ly/3…
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Picture this: You're at your retirement party, finally ready to enjoy your golden years, but worries caused by some bad money habits have robbed you of fully enjoying the sweetness of the day. It happens to more people than you think, which is unfortunate because with just a little bit of modification, you can rid some of the worst money habits fro…
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Get ready to roll up your sleeves and dive into the gritty side of personal finance. In this episode, we reveal how everyday household tasks can serve as reminders of the principles that lead to financial success. From taking out the trash in your investment portfolio to cleaning out the fridge of outdated financial strategies, we'll explore how to…
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Are you unsure of when to rebalance and how to do it? In this episode, we’ll uncover the importance of rebalancing your portfolio and discuss everything from frequency to tax implications. Plus, we’ll share a cautionary tale about the consequences of neglecting rebalancing. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Book a call…
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Have you ever wondered why you handle money the way you do? It turns out your financial behaviors can be traced back to your formative memories. In this episode, we explore how historic market crashes have left a lasting impact on our relationship with money. We’ll also contrast them with the way more recent crises have shaped our financial views a…
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Are you confident that your financial plan is complete? Many people believe they have a solid plan in place, only to realize later that they've missed important areas. From not accounting for long-term care expenses to overlooking the impact of taxes on retirement income, there are many ways a financial plan can be incomplete. On this episode, we'l…
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No one is completely comfortable all of the time when dealing with money. It's impossible to put our emotions aside, especially fear. So we took an informal poll of listeners to find out what their biggest financial fears are. On this episode, we’ll explore the most common fears and talk about how they should be addressed in a retirement plan. Join…
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It’s been said that if you don’t have an income plan, you don’t really have a retirement plan. We’ll tackle that mentality on this episode to see if it’s true and further explore why so many retirees, pre-retirees, and Gen Xers don’t understand the importance of an income plan, nor how to properly construct one. This is a foundational topic for any…
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Even if you’ve been saving your money and investing for a long time it’s easy to make rookie mistakes. In this episode, we’ll cover some of the top rookie mistakes we see people make, illustrate how to avoid them or how to fix them if you’ve already made some mistakes in your financial life. Join the exclusive Gen X Wealth Academy: https://bit.ly/3…
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Saving in your 401(k) can be an easy and painless way to build your retirement savings. But because it’s so easy and painless, it can also be easy to ignore for long periods of time, which often leads to mistakes. We’ll cover at least the top 5 mistakes people make in their 401(k)s. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Bo…
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Check out this article that cites 35% of millionaires saying it’s “going to take a miracle” to be ready for retirement. Why are Americans feeling less confident? Is it realistic that millionaires can’t feel surer about their retirement futures? Listen to the episode to find out. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Book a…
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Let’s explore some of the things you should be thinking about to make smart financial decisions when you encounter some of the most significant events in your life. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Book a call with Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com Learn how to rebo…
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Getting through retirement can be a lot like running a marathon. Let’s talk about some of the similarities of getting to the finish line in racing and retirement. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Book a call with Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com Learn how to reboun…
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Generation X has different financial concerns than the ones our parents had. We don't have pensions and we have had massive increases in expenses. Let's dive into some of these problems and see how we can make the most of them. Join the exclusive Gen X Wealth Academy: https://bit.ly/3yHAlDD Book a call with Phil: https://bit.ly/31iOtBO Phone: (224)…
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This episode introduces an important shift in the focus of our show. Going forward, the show will have a specific focus on serving Generation X savers to help them prepare for retirement. Phil will detail why he's so passionate about helping Gen X prepare for retirement, the unique challenges they face, and why a specific focus on this group is so …
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Want to know the secrets to experiencing satisfaction in retirement? We’ve discovered five key situations to which your financial plan needs to lead you. If you can key in on these five points, you’ll have a high chance to achieve retirement satisfaction. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateW…
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We’re bombarded with ads each day in all forms of media. But have you ever taken a closer look at these messages? If we unpack some of these headlines and ads a little bit more, we’re able to clearly understand what emotions they’re trying to elicit. More importantly, we can figure out what companies are trying to sell us. For this episode, we just…
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Being a good advisor isn’t about winning a popularity contest or just saying the same things that everyone else in the industry says. It’s about giving the best advice that you can for each individual situation. On today’s show, we’re going to peel back the curtain to discuss some areas where a good financial advisor’s opinions might go against the…
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People have many reasons for procrastinating when it comes to putting a retirement plan together. Let’s explore some of those excuses and why they can be dangerous, and talk about how to overcome them. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com…
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It’s no secret the stock market is in turmoil. We’re in a bear market and the R-word (recession) is getting thrown around daily. So, what can you do to survive bear markets like the one we’re in now? We’ve collected advice from various commentators and “experts” from across the country. You might have even heard some of this advice yourself. But sh…
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Don’t dread this as much as you hated hearing these words as a kid, but it’s time for a pop quiz! We’re putting retirement planning preparedness under the microscope with 5 critical questions to which you need to know the answers. So sharpen those pencils and let’s see how ready you are for retirement. Book A Call With Phil: https://bit.ly/31iOtBO …
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Ep 32: Are You A Risk Taker? How To See If Your Tolerance For Risk Matches Your Plan And What To Do If The Balance Is Out Of Whack
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Let’s see if your tolerance for risk matches your financial plan. What should you do if that balance is out of whack? What if you’re a natural risk taker, but you really shouldn’t be when it comes to your finances? We’ll explore all of these angles as we break down the role of risk in your financial and retirement plan. Book A Call With Phil: https…
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Do you know what red flags, but also some good signs, to be on the lookout for when you’re searching for an advisor to work with as you prepare for retirement? On this episode, we’ll give you some red flags to be aware of, teach you how to spot them, and illustrate the difference between an advisor who does the bare minimum versus one who goes abov…
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We’ve gathered some updated retirement statistics from across the country. It’s time to find out if these are encouraging or disturbing findings if they’re reflective of the average client, and what you can do to improve your own retirement preparedness based on this information. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 E…
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On today's show, we want to explore the ways in which advisors are interacting with clients, how the pandemic has shifted things, and set some expectations for what’s appropriate and effective. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com
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We all know some of the basic secrets of eating healthier to lose weight, limit disease, and live longer. Avoid empty calories, try to limit your added sugar, and lower those pesky trans fats are just some examples. But how can we spot similar unhealthy habits in the financial world? We’ll talk about it on this episode and help you fix some of your…
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There are some important terms you’re going to come across as you prepare for retirement. Having a basic understanding of these will help you achieve financial success, so we’ll cover what they mean and what you should know on today’s episode. And don’t worry. We won’t go quite so far down the rabbit hole where we expect you to be able to explain h…
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Most people, when trying to plan their retirement, have to guess about the answers to some important questions. Let’s talk about some of those questions and why you need to have a better answer than just a guess. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com…
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This USA Today article points out 3 murky issues that increase retirement planning’s degree of difficulty, especially in today’s economic climate. On this episode, we’ll breakdown the article to see if it’s worthwhile advice, if the murky issues are actually that threatening, and what you can do about all of it if you’re concerned. USA Today Articl…
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If you have kids, often they come up in the discussion when you’re talking about your retirement plans. Let’s talk about some of the ways those discussions play out, the role your advisor should play in navigating these conversations, and the overall impact on you and your family’s financial goals. Book A Call With Phil: https://bit.ly/31iOtBO Phon…
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In football, teams are extra careful not to make a mistake when they get within about 20 yards of scoring points (known as the Red Zone). They’ve typically worked hard to get to that point and don’t want to cost themselves by throwing an interception or fumbling the ball and giving it to the other team. On this episode, we’ll explore the financial …
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Fuh-Doo-she-air-ee. FIGH-Doooooooooo-sherry. Few people seem to be able to even pronounce this financial buzzword correctly, let alone define it and describe how it impacts their financial world. Today we’ll learn how to pronounce the word and explore why it’s an important standard for you to consider when choosing a financial advisor. Book A Call …
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You might not be able to follow through on all of these resolutions, but implement even just a few of these and you’ll be well on your way to a more prosperous financial life in the coming year. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com
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It can be tempting to cut corners as you make your retirement plan - but those decisions can often turn into a huge inconvenience, if not an outright disaster. We'll go over some common ways people cut corners in their financial plan, and what you should be doing instead. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT…
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We see a lot of people who aren’t getting the kind of advice and service from their financial advisor that they should be. In a lot of cases, the advisor is only “managing the investments,” but not providing guidance in other areas. Let’s talk about some of the things that your advisor should be doing. Book A Call With Phil: https://bit.ly/31iOtBO …
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Phil recently recently released a new book titled "Damages." This book focuses on personal injury attorneys and what the road of financial independence may look like for them specifically. Phil discusses what this book is all about on today's show. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.c…
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Have you heard someone say they’re risk averse? Do you know what it really means in the context of the financial world? We’ll explore this important buzzword on today’s show and explain why it’s so important to have a good grip on just how risk averse you are. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPri…
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If you’ve ever ridden the subway in London, you’ve probably seen the “Mind the Gap” signs warning you to be aware of the gap between the train door and the station platform. Let’s talk today about what the behavior gap is and what you can do to address it. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivate…
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Depending on your answers, the questions we cover on today’s show might raise red flags about your finances. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com
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It’s time to peel back the curtain a little bit to learn about your financial advisor. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com
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Most people understand that a customized retirement plan is much better than a one-size-fits-all approach. And yet, most people don’t have a plan that’s truly customized. Let’s talk about some of the things that need to be considered if you’re going to build a truly customized plan. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-201…
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So much focus in the financial world revolves around accumulating money. There’s all sorts of advice, "how to" guides, and guardrails in place when it comes to saving and investing, but a lot less resources out there to help retirees navigate the period of time after retirement. This is known as decumulation, the spending down and managing of the a…
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If you’re of the age that your mom and dad retired 20 or 30 years ago, the world was a much different place when they walked away from their paychecks. Let’s talk about how things are different now. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com…
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Sometimes it’s important to really breakdown a financial buzzword. Non-Correlated Income qualifies as a worthy concept to explore and something that every retiree and pre-retiree should understand. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com…
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There are many more risks to guard against in retirement planning than most people realize. Let’s explore some of the planning risks we all face and how to prepare for them. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutPrivateWealth.com
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Ironically, life insurance is a young man’s game. The perception among many people is that your need for life insurance dramatically decreases and perhaps becomes completely unnecessary as you age. Is that really the case? On this episode, let’s explore some ins and outs of life insurance and its various uses. Book A Call With Phil: https://bit.ly/…
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It makes sense that the way we plan for retirement is largely influenced by what we think retirement is like or all about. So, let’s take a look at how various people across the US describe retirement and see how that might shape the retirement planning process. Book A Call With Phil: https://bit.ly/31iOtBO Phone: (224) 616-2016 Email: PT@BreakoutP…
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As people, we all vary in who we are and what we want out of life. We all find our own purpose in this world and we want what is best in the context of our lives. That being said, our financial plan should also reflect these differences. It doesn't make sense to try and fit everybody into the same financial plan when our goals are different. Phil t…
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Diving into the financial world can be daunting for average consumer. There are big name banks and firms that are notorious for serving clients as a salesman and not a financial advisor. Even though there are shady people in the industry, finding someone with your best interest in mind can be one of the best choices you make when it comes to your r…
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